Redfin data reinforces boomers’ desires to remain in their homes

Adding fuel to what the baby boomer generation has been consistently saying for some time, a new Redfin survey shows that one-third of all boomer homeowners have no intention of selling their home. This further legitimizes claims that a “silver tsunami” of housing inventory is unlikely to materialize from older homeowners.

While another 30% said they will eventually sell their homes, they’re not planning to do so anytime within the next decade, according to the survey. The likelihood of selling also decreases with more advanced age, with nearly half (44.6%) of the Silent Generation — those born between 1928 and 1945 — saying that selling is not part of their plans.

Younger homeowners in the Gen X, millennial and Gen Z cohorts are far more likely to plan to sell their homes. But 25% of Gen Xers, and 21% of millennials and Gen Zers, “say they’ll never sell.” according to the survey.

Some of this stems from market realities. While home prices are higher, that’s also true for prospective properties that an older homeowner might prefer if selling was part of their plans. There’s not enough financial incentive to go through the process of selling their homes, the survey found.

“Additionally, many older homeowners have lived in their home for a long time and simply prefer to stay put; roughly two-thirds (67%) of baby boomer homeowners have lived in their home for 16-plus years,” Redfin reported.

“When asked in the survey why they’re staying in their current home, most baby boomers (55%) said they just like their home and have no reason to move, making that the most commonly cited reason.”

Some first-time homebuyer advocates have blamed baby boomers for a lack of willingness to sell their homes as a key reason younger generations are unable to locate suitable homes for their families.

But some older homeowners have chimed in by saying that there are few better options available to them. Low levels of housing supply are seen as a key driver of the U.S. housing crisis.

Redfin chief economist Daryl Fairweather offered her thoughts on these dynamics.

“While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes — yet large enough for families — are scarce,” Fairweather said.

“With baby boomers opting to age in place rather than sell, it’s challenging for younger buyers to find affordable options that fit their lifestyle,” she added. “But it’s worth noting that even though many older Americans say they’re not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance.”